Commercial Vehicle Rental And Leasing Market Size, Share, Growth Analysis, By Type(Personal Use, Business Use), By Vehicle Type(Light Commercial Vehicle, Car, Medium/Heavy Commercial Vehicle), By Region - Industry Forecast 2024-2031

Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2019 and is poised to grow from USD 82.68 billion in 2023 to USD 149.47 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

The growing production of cosy, secure, intelligent, and AI-equipped cars by automakers is beneficial for the market's expansion. Additionally, the market will experience growth in the ensuing years as a result of the increasing demand for commercial cars, particularly for lengthy trips. By renting a car with comprehensive service, you can avoid having to pay for repairs, upkeep, and replacements. Therefore, it is projected that these factors will accelerate market growth over the projection period.

One of the elements that can influence demand in the upcoming years is enough backup in case of an emergency. Its rise is anticipated to be fueled by low maintenance requirements and lower consumer costs. Often, car leases last for a year or longer, while car rentals typically last for less than a month. Over the forecast period, it is anticipated that fast infrastructure development and globalisation will encourage growth.

US Commercial Vehicle Rental And Leasing Market  is poised to grow at a sustainable CAGR for the next forecast year.